The company provides a way to solve the challenge of supervising business costs and payments, while aligning the requirements of the spending staff member and the accounting workforces, according to the announcement.
“We saw a real problem in expense and payment management and wanted to build an end-to-end platform, versus a point-solution that only cured part of the pain,” Co-Founder and CEO John Thomas said in the announcement.
Thomas noted that even companies that are of a medium size can have the intricacy of a large company when it comes to handling their expenditures.
“They deserve a solution that can scale up and down for their needs, without requiring massive amounts of upfront setup costs and high recurring operational costs — both in tool costs and employee time,” Thomas said.
The company’s platform spans the complete stack in expense and payments management — from network players to accounting technologies — to allow for transaction-level expenditure reporting and ongoing reconciliation.
“We solved a variety of problems simultaneously with our integration, transaction-level visibility, and pre-spend guardrails,” Zact Product VP Jayant Ramchandani said in the announcement.
The new offering is made to help business clients simplify and make the most of the costs paid via the bank’s business cards.
Global Commercial Cards is connected with expense management systems such as Expensify and SAP Concur, among others.
Firms can harness the BBVA offering for commercial cards issued in Peru, Uruguay, Argentina, Colombia, Turkey, Mexico, Spain and Portugal.
“With Global Commercial Cards, BBVA has managed to bridge the gap between two worlds: commercial cards and expense management tools,” Sergio Ortega, head of global commercial cards solution at BBVA Enterprise Clients, said in a past announcement.